AVS vs. USD
AVS (Direxion Daily AVGO Bear 1X Shares) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - AVS is a Inverse Equities fund actively managed by Direxion, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). AVS is actively managed, while USD is passively managed. Over the past year, AVS returned -46.04% vs 250.81% for USD. At a correlation of -0.76, they often move in opposite directions. AVS charges 0.98%/yr vs 0.95%/yr for USD.
Performance
AVS vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, AVS achieves a -22.61% return, which is significantly lower than USD's 103.32% return.
AVS
- 1D
- 12.36%
- 1M
- -0.75%
- YTD
- -22.61%
- 6M
- -16.23%
- 1Y
- -46.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USD
- 1D
- -4.99%
- 1M
- 31.62%
- YTD
- 103.32%
- 6M
- 97.79%
- 1Y
- 250.81%
- 3Y*
- 125.78%
- 5Y*
- 67.80%
- 10Y*
- 61.24%
AVS vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AVS Direxion Daily AVGO Bear 1X Shares | -22.61% | -45.96% | -27.15% |
USD ProShares Ultra Semiconductors | 103.32% | 62.08% | -4.54% |
Correlation
The correlation between AVS and USD is -0.74, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.74 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024 | -0.76 |
The correlation between AVS and USD has been stable across timeframes, ranging from -0.76 to -0.74 - a consistent structural relationship.
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Return for Risk
AVS vs. USD — Risk / Return Rank
AVS
USD
AVS vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and ProShares Ultra Semiconductors (USD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AVS | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.15 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.48 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 7.94 | -8.78 |
| Martin ratioReturn relative to average drawdown | -1.41 | 22.96 | -24.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AVS | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.03 | 4.12 | -5.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.89 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.96 | 0.49 | -1.45 |
Drawdowns
AVS vs. USD - Drawdown Comparison
The maximum AVS drawdown since its inception was -76.77%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for AVS and USD.
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Drawdown Indicators
| AVS | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.77% | -88.63% | +11.86% |
Max Drawdown (1Y)Largest decline over 1 year | -55.22% | -31.80% | -23.42% |
Max Drawdown (3Y)Largest decline over 3 years | — | -64.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -77.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -73.73% | -6.07% | -67.66% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -32.35% | -16.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.58% | 10.98% | +21.60% |
Volatility
AVS vs. USD - Volatility Comparison
The current volatility for Direxion Daily AVGO Bear 1X Shares (AVS) is 17.18%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that AVS experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AVS | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.18% | 21.29% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 32.88% | 46.74% | -13.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.81% | 61.28% | -16.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.72% | 76.56% | -22.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.72% | 69.24% | -15.52% |
AVS vs. USD - Expense Ratio Comparison
AVS has a 0.98% expense ratio, which is higher than USD's 0.95% expense ratio.
Dividends
AVS vs. USD - Dividend Comparison
AVS's dividend yield for the trailing twelve months is around 3.94%, more than USD's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVS Direxion Daily AVGO Bear 1X Shares | 3.94% | 4.22% | 1.63% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.23% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
AVS and USD have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (21.29%) compared to AVS (17.18%). In terms of maximum drawdown, AVS dropped -76.77% vs USD's -88.63%.
On 1-year performance, USD leads with 250.81% vs -46.04% for AVS. On fees, USD is cheaper at 0.95% per year. On volatility, AVS has been the lower-risk option at 17.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USD has performed better with a 250.81% return vs -46.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 0.98% for AVS.
AVS has the higher dividend yield at 3.94%, compared with 0.23% for USD.
AVS is categorized as Inverse Equities, while USD is Leveraged Equities. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for AVS and 0.95% for USD.
USD currently has the higher Sharpe Ratio (4.12 vs -1.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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